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2012 (12) TMI 447 - AT - Income TaxAddition on account of undisclosed sources of income – Assessee was director of the sick companies (BIFR) and there was a possibility to attached the personal bank accounts of directors for recovery – Assessee withdraw the cash from bank & kept in the house and deposit the same cash in caving bank account after seven months - Held that:- Assessee has duly explained the source of deposits in the bank account, being the withdrawal made from the bank. The AO has also not given any finding that the said amount as withdrawn from the bank by the assessee was utilised for any other purposes, then re-deposited in the bank account. There was a genuine apprehension of attachment of the assessee's account in the process of recovery by the banks against sick companies and in that course assessee withdraw the cash. Appeal decides in favour of assessee
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